Supermarket giant Sainsbury’s slash prices at the pump this morning

Supermarket fuel price war continues with Sainsbury’s leading the way slashing 2p off petrol and diesel

This morning, supermarket giant Sainsbury’s announced they were to cut the price of both petrol and diesel by 2p per litre at all of their 309 forecourts scattered throughout the country.

Their decision to cut prices at the pumps follows the huge drop in oil prices during the last two weeks, which fell as low as $45 per barrel in the week.

Only an hour after their announcement, Morrisons followed suit saying they too would match Sainsbury’s price cuts. The pressure is now on the UK’s other two supermarket giants Asda and Tesco, to see if they offer the same fuel price cuts at their forecourts.

During the last two weeks, oil prices have fallen to the lowest level it has been all year, dropping from $57 per barrel back in February.

Each of the UK’s four giant supermarkets reacted to oil dropping to $48 by slashing the prices at the pumps for both petrol and diesel by 2p a litre back on June 15.

Asda was the first supermarket to announce they’d cut prices, promising motorists that they wouldn’t have to pay more than 111.7p a litre when filling up at any of their 308 forecourts throughout the UK.

If they match the prices announced today by Sainsbury’s, their prices could fall below 110p a litre.

At the beginning of the week, experts anticipated that further savings could be in the pipeline for motorists in the UK as the price of oil looks as though it will stay low.

According to the chair of the Petrol Retailers’ Association, Brian Madderson, the price of petrol could drop between 112p and 110p a litre.

“We hope this will bring a little bit of sunshine to millions of motorists braving the rain over the next few days,” said Sainsbury’s fuel buying manager, Izzy Hexter.

Following Sainsbury’s lead and announcing they too would cut prices at the pump by ‘up to 2p a litre’, Morrisons services director, Roger Fogg said: “We’ll always make sure we have the cheapest fuel prices in the area.”

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